In a bid to give small businesses a much needed Christmas boost, Commonwealth Bank is offering a zero interest business loan and just one simple fee² paid over the life of the loan.
The Business Boost Loan can provide small businesses with fast access to cash as well as peace of mind, with certainty around repayments and an upfront three month repayment holiday to provide extra support in the lead up to Christmas.
The two-year unsecured loan is available to eligible existing CBA customers via the bank’s self-service and innovative digital lending platform, BizExpress Online.
Customers can complete the application online, receive credit decision and fast access to funds. A one-off simple fee² is added to the total loan amount and repaid over its duration.
The bite of the pandemic on small businesses
CBA Group Executive Business Banking, Mike Vacy-Lyle, said eligible business customers may be able to borrow up to $100,000 through the new loan offering.
“Businesses want simplicity and certainty during what has been a very challenging period. We have worked tirelessly to deliver a unique offering that will provide just that, with no hidden costs, no variable rates, and in fact, no interest rate at all.”
“We’re giving businesses fast access to cash to help boost their reopening plans.”
“The COVID-19 related restrictions meant many SMBs struggled to generate much revenue over the past few months, and they now need to be able to re-stock and re-hire. Meanwhile, other businesses are looking at expanding or capitalising on pent up customer demand.”
“An example of how it meets customer needs, is the gym owner who accessed our zero interest loan to manage a quieter holiday period while preparing for a busier New Year.”
“They were initially hesitant to take out a loan with a variable interest rate, but felt reassured with the Business Boost loan as they know exactly what they need to pay and with no need to make a first repayment until March 2022 when business will be more consistent.”
Light at the end of a dark tunnel
As part of the SME Recovery Loan Scheme, the Business Boost Loan is designed to support business customers who have been adversely economically affected by the pandemic and who want to borrow a set amount over a two year loan term.
More than 21,000 Australian businesses have received more than $2.2 billion in funding support made available through the Commonwealth Bank’s Government-backed SME Guarantee Loan Scheme to help them manage the impacts of the pandemic.
Eligible existing customers can now apply for a Business Boost Loan via BizExpress in Netbank or the CommBank app. For more information visit cba.com.au/businessboost